Tidying up the mess

Scott-Weiland

Keep going Babystepper your doing brilliant. If it was me looking at those figures tackle lloyds next then your down from 10 debts too five :-)

BabyStepper

Hey, thanks for dropping by Scott, and for the encouragement. Tempting as it is to get rid of Lloyds next, it has a really long interest free deal so I'm leaving it til later, just in case something happens to my plan and I need to slow it right down. Saves the fees and hassle of balance transfers. I could get Barclaycard paid off in one go if I need a quick win, but once I've finished paying my overdraft I'm going after Santander as the 0% deal is ending soonest, in December this year. 5 debts instead of 10 is very tempting. Just trying to be patient and sensible, not easy!

PositiveBalance

Gosh, Babystepper, you are annihilating these debts at an astounding rate - well done, you! :T


I don't blame you going for the Santander next. I know that you are trying to get rid of the debts in date order, but is there any chance they could recall your overdraft before September 2020? I only ask as overdrafts can be recalled with little notice and it would be a pity to pay them any interest!



You are going to get rid of these debts in a simply embarrassingly short period of time.


I'm in awe! :T

Kitten868

Stick with the plan BS. It's clearly working for you. The overdrafts days are numbered. How is your £80 challenge going? What techniques are you using? Living on baked beans? eBay?
Can you reduce your overdraft online or do you have to call up? Its going to be so satisfying! X

enthusiasticsaver

PositiveBalance wrote: »

Gosh, Babystepper, you are annihilating these debts at an astounding rate - well done, you! :T


I don't blame you going for the Santander next. I know that you are trying to get rid of the debts in date order, but is there any chance they could recall your overdraft before September 2020? I only ask as overdrafts can be recalled with little notice and it would be a pity to pay them any interest!


T

I think the overdraft is the next target then Santander.

BabyStepper

PositiveBalance thanks for having so much faith in me! Not sure I have that much confidence in myself but I'm trying really hard to keep on plan. If I can hold it together for the next 11 months that would be a miracle, in the meantime I'm trying to prepare as much as I can for things going wrong and taking it one step at a time.

kitten868 yes the overdraft's days are numbered! All being well, it only has a few short weeks left then it will be gone. I'm hoping the £100 account switch reward to First Direct will have gone through by then, but we'll see. Still need to have a look around for more things to sell. I managed to reduce my overdraft online after paying off £700 this month so I'm expecting I can cancel it completely in the same way. I guess I'll find out when it happens...

enthusiasticsaver thanks for keeping everyone right, overdraft is definitely next, no debate. It feels much safer now knowing that even if they called it in tomorrow I could throw the emergency fund at it, the house repair fund and take some of my business account buffer and pay it off. (It would leave me in a bit of a mess, but it would be doable.) One of the things that plays on my mind is that some of the ccs are only taking 1% minimum payment, that could easily be increased with little warning and mess up my plan a bit. However, one day/week/month at a time and see how I go.

enthusiasticsaver

BabyStepper wrote: »

PositiveBalance thanks for having so much faith in me! Not sure I have that much confidence in myself but I'm trying really hard to keep on plan. If I can hold it together for the next 11 months that would be a miracle, in the meantime I'm trying to prepare as much as I can for things going wrong and taking it one step at a time.

kitten868 yes the overdraft's days are numbered! All being well, it only has a few short weeks left then it will be gone. I'm hoping the £100 account switch reward to First Direct will have gone through by then, but we'll see. Still need to have a look around for more things to sell. I managed to reduce my overdraft online after paying off £700 this month so I'm expecting I can cancel it completely in the same way. I guess I'll find out when it happens...

enthusiasticsaver thanks for keeping everyone right, overdraft is definitely next, no debate. It feels much safer now knowing that even if they called it in tomorrow I could throw the emergency fund at it, the house repair fund and take some of my business account buffer and pay it off. (It would leave me in a bit of a mess, but it would be doable.) One of the things that plays on my mind is that some of the ccs are only taking 1% minimum payment, that could easily be increased with little warning and mess up my plan a bit. However, one day/week/month at a time and see how I go.

Even if the cards up their minimums I think you will still find it will be cleared within the 0% deal periods if you continue with the £1400 per month. They have to give you 2 months notice anyway. Of course if the plan needs altering due to income decreasing that might have an effect.

PositiveBalance

enthusiasticsaver wrote: »

I think the overdraft is the next target then Santander.

*Removes glssses, cleans and puts back on nose firmly*

Oops, you're right! In that case, the plan is even better! :T

BabyStepper wrote: »

PositiveBalance thanks for having so much faith in me! Not sure I have that much confidence in myself but I'm trying really hard to keep on plan. If I can hold it together for the next 11 months that would be a miracle, in the meantime I'm trying to prepare as much as I can for things going wrong and taking it one step at a time.

And those things might happen but the fact that you can see the light at the end of the tunnel will make it easier to hold on over the bumps. Plus, the good feeling that you have got from paying off all the debts you have managed to pay off so far will help kerp that virtuous feeling going. :A

BabyStepper wrote: »

enthusiasticsaver thanks for keeping everyone right, overdraft is definitely next, no debate. It feels much safer now knowing that even if they called it in tomorrow I could throw the emergency fund at it, the house repair fund and take some of my business account buffer and pay it off. (It would leave me in a bit of a mess, but it would be doable.) One of the things that plays on my mind is that some of the ccs are only taking 1% minimum payment, that could easily be increased with little warning and mess up my plan a bit. However, one day/week/month at a time and see how I go.

I'm not 100% in the same situation but I'm getting very close with my CC in terms of having enough money to pay it off entirely even if the worst came to the worst. It's a lovely bit of security to have should I ever need it.

BabyStepper

I have had a great month at work and invoiced for over £2.7k. Most of these invoices have been paid and after tax and expenses my buffer was looking pretty good. However, it's Easter holiday time and with no holiday I was feeling a bit hard done by so I took £200 extra wage and booked me and OH a night away. I couldn't help myself, it's difficult all this debt busting and I need a treat. We also got vouchers through OH's work so have got tickets to see a show in a few weeks. Cost to us: a couple of bus fares. I need to feel like life continues even through all of this.

The quietest time for my business is over summer, the struggle will start with invoices being paid at the end of August. I need to be ready for that time but in the meantime I want to feel like I've had a break.

I also used my spends to buy a copy of The Millionaire Next Door. I was going to get Chris Hogan's Everyday Millionaire but the reviews are not good and saying he has basically rehashed the Millionaire Next Door and without the kind of stats and info that would make it interesting to those of us who now consider ourselves geeks on the subject. Everyday Millionaires is apparently for beginners, and I don't think that's me any more. We'll see when the other one arrives.

enthusiasticsaver I had no idea banks had to give you 2 months' warning, that's very helpful.

I'm not sure I ever did update you all on the mortgage situation. Basically we pay £100 less now than we did previously for the same mortgage over the same term. It was no trouble at all to arrange and my little flip out about it last year was completely pointless. Anyone who is reading in similar circumstances take heed - even when you go self-employed your mortgage will be fine. It's taken me this long to recover from the embarrassment.

enthusiasticsaver

I don't blame you for booking a night away. Debt busting is a slog so small treats along the way in budget sound like a good idea. You have set an ambitious plan to clear it in a year and as the long 0% deals are starting to dry up now I think that is right. You haven't booked a holiday this year but undoubtedly you can have one next year once the debt is gone and you are debt free.

It might be an idea to build up your buffer for August if that is your quietest time. Sounds like you are doing well though. I haven't read The Millionaire Next Door. Let us know if anything enlightening comes out of it.

Glad you had no problem with your new mortgage deal. Did you stick with TSB? I think that was who you were with wasn't it? £100 less is great. You will have lots of ideas as to what to do with the extra £1400 per month next March. Mortgage overpayments, holidays, pension, investments etc etc. Keep your eyes focused on that.